From the Washington Post:

As President Bush and congressional leaders rally support for their ambitious biofuel proposals, one ingredient is often left unstated: the cost.

Bush and members of Congress stress energy independence and environmental benefits of federal requirements for a massive increase in the use of biofuels in motor vehicles. But so far they have muted discussion of the prosaic details of how to pay for the subsidies and other incentives seen as crucial for meeting the new biofuels targets.

If the current tax credits, grants and loan guarantees are extended, the package would cost taxpayers $140 billion more over the next 15 years. New proposals under consideration in Congress could raise that tab to $205 billion.

As John Stossel points out, “If ethanol’s so good, why does it need government subsidies?”  By the way, you REALLY should read the Stossel column - especially if you think ethanol is great.

• Biofuels push up beer prices
• Bush planning on tax increase?
• The era of big government is not over
• It was a matter of when, not if
• Dick Durbin FairTax Response

This entry was posted by Brian on Sunday, June 10th, 2007 at 1:12 pm and is filed under Energy, Government Waste. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Please note the copyright policy.